Best Buy Inc.
Best Buy Inc. has been performing business and providing customers with products and services in the United States for over forty-three years. From what started as an idea and a small music shop in St. Paul, Minnesota, Best Buy Inc. now operates over 1,500 "big box" retail stores around the U.S. They have constantly grown to become the largest specialty electronics retailer in the entire world. With ventures expanding into other countries such as China, Mexico, United Kingdom, and many others, Best Buy has plans to develop stores, distribution, and networks throughout the world to better serve its customers as we become more dependent on our gadgets and technology in our everyday lives.
While being the largest specialty electronics retailer in the entire world, Best Buy is not just about the products and services it sells. While our customers are the most important aspect of our business, Best Buy is focused on developing and helping its employees grow as professionals in the workplace and better their lives as a whole. Their mentality is that if our employees are empowered, engaged, knowledgeable, and able to go above and beyond their normal expectations, customer satisfaction and loyalty will be built. Strong lasting relationships amongst our employees and customers will drive our profitability and growth as a company.
"Our formula is simple: we're a growth company focused on better solving the unmet needs of our customers-and we rely on our employees to solve those puzzles. Thanks for stopping. " Core Values
• Unleash the power of our people
• Show respect, humility, and integrity
• Learn from challenge and change
• Have fun while being the best
• Invite each employee to contribute their unique ideas and experiences in service of customers • Treat customers uniquely and honor their differences - as segments and individuals • Meet customers' unique needs, end-to-end
Over the last forty-three years, Best Buy has grown from a single facing store to now boasting over 1,500 stores nationwide. Best Buy was originally started as a small audio-video and car stereo shop in St. Paul, Minnesota, by a man named Richard Schulze. At the time, the small retail store was named the Sound of Music. In 1967, the Sound of Music obtained exclusive rights to Kencraft Hi-Fi and Bergo Company; which were the first of many acquisitions the company would make moving forward. With its immediate success, a second and third store was opened near the University of Minnesota and in downtown Minneapolis, respectively. In its first year of operation, the Sound of Music ended with gross sales totaling over $173,000.
In 1969, the Sound of Music was introduced as a publicly traded company for the first time. In addition, three more stores are opened in and around the Twin Cities Area. A year later in 1970, they posted earnings and revenue which hit the $1 million dollar mark for the first time in the companies short history. In 1974, instead of operating out of each individual store, the Sound of Music opened their first headquarters located in Bloomington, Minnesota. They hired leadership staff and managers to help implement larger scale management direction and decisions. By years’ end of 1978, there were nine stores running in Minnesota.
In 1981, a natural disaster shook up the small retail chain which seemed to be devastating, but little did they know it would provide insight into a new operating model that would lay the tracks for Best Buy moving forward. A tornado hit the Roseville, Minnesota store and the Sound of Music responded with a "Tornado Sale" which introduced low prices in a "no frills" retail environment that would be carried over to all surrounding stores. As a result of its success, stores averaged over $350 in sales per square foot versus the then industry average of $150 - $200 per...
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